LEGAL REGULATION OF VIRTUAL ASSETS IN THE SWISS CONFEDERATION

Abstract

. The present article is devoted to an analysis of the current legal regulation of virtual assets in the Swiss Confederation. The author conducts a thorough analysis of the advantages and disadvantages of the relevant regulatory framework, as well as the possibility and feasibility of implementing most of the provisions of legislative acts into Ukrainian legislation. Due to the lack of scientific research analysing the main regulatory norms and definitions, it became necessary to examine the current legal system of the Swiss Confederation, which is one of the most preferred jurisdictions for the registration and operation of companies in the sector of virtual assets in the world. To study the current state of legal regulation of virtual assets in the Swiss Confederation, comparative, analytical, inductive, hypothetical, and systematic methods were used. As a result of the study, the author identified the peculiarities of the classification of virtual assets. The specifics of taxation of virtual assets were analysed, in particular those related to areas such as virtual asset mining. The characteristics of legislation on combating the legalisation of proceeds from crime in this area are presented. The requirements for conducting an ICO were examined. Current changes in existing legislation and regulatory approaches that are being implemented for the exchange of information on virtual assets with partner states are analysed. It is concluded that the Swiss Confederation has succeeded in creating an adaptive system of legal regulation of virtual assets that strikes a balance between innovation and investor protection and market integrity. Although the definitions in the legislation on virtual assets were chosen from among those that already have established practice of use, it is the approach to regulation that stands out from other jurisdictions. For implementation into Ukrainian legislation, it may be advisable to adopt not only the basis of the terminological system, but also the principles on which such a harmonious regulatory system is built, which may facilitate the exchange of information with partner countries to combat tax avoidance or other financial crimes.